Former BBC Dragon and Scottish Sun Columnist Shaf Rasul looks at How to Write a Business Plan. Whether you want to attract investment or keep track on the direction of your business, here are his Seven Hacks for writing a business plan that will stand out from the crowd… #dragonsden #Entrepreneurship #7hacks
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1. CAPITIVE AUDIENCE
Before you sit down to write your plan, research every single aspect of it. Think about who is reading the plan and aim to have several versions. Banks and investment companies will need a slightly adjusted version compared to an individual investor. Include a company profile detailing its history, the services or products you offer, your target market and your aims.
2. PROOF IS IN THE PUDDING
Make sure you can back up every single point that is made. Expect to be rigorously quizzed on even the smallest detail of your plan, so ensure you know it inside out. If you are claiming to be a market leader within a year, explain why this will be the case.
3. ANYBODY’S GUESS
Don’t overestimate your financial projections. It’s far better to be cautious. Investors will see through over-optimistic figures and will be put off if they think you can’t do your sums. Be conservative and realistic with projections, make sure you don’t get carried away. If necessary, use an accountant to help you with the figures.
4. WHY IT WILL WORK
Does your company have a USP? Is it offering a similar product to an already successful company? Explain why yours is better. Can it be made cheaper or is it a more high-end version with a larger profit margin? Don’t forget to include a marketing strategy. This may involve professional help or a blitz on social media.
5. WHO, WHAT, WHERE, AND WHEN
Focus on the strengths of your team and what they will add to the company. Their skills will be vital, so big them up. Explain exactly what your business is and what you will be doing with the investment. Don’t overlook where you will be going with the business. If you have a premises, spell this out. Include timescales for the projected growth of the business. Again, be cautious. It’s better to underestimate than overestimate.
6. COMPETITION TIME
Outline your competitors. List their strengths and weaknesses but spell out what makes you better. A word of warning, never slate a rival business. It shows you lack integrity and that is not appealing for investors. Deal in facts, not emotions.
7. CAPITAL GAINS
Be clear on how much money you will need for the next two to five years and where you hope to get this investment.. Explain how much you are investing. Discuss what returns investors can expect, and when they can have their money back, and what roles you would like them to have in the business. Do you want them to be silent or more hands-on? Do they have knowledge and experience that you could tap into?
Did you enjoy this video please check out my other 7 hacks videos.
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